Re Directorate

Pacific Horizon Investment Tst PLC
27 June 2001


                     PACIFIC HORIZON INVESTMENT TRUST PLC

New Director

The Board is pleased to announce that Mr P Mackay has been appointed a
Director of Pacific Horizon Investment Trust PLC. His appointment falls to be
ratified by Shareholders at the Company's Annual General Meeting in October
2001.

Peter Mackay, aged 60, has been a member of the Competition Commission
(formerly the Monopolies and Mergers Commission) since 1996. He was a member
of the Board of the British Linen Bank until 1999 and since then has been a
non-executive member of the Management Board of the Business Banking Division
of the Bank of Scotland. From 1990 - 1995 he was Chief Executive of the
Scottish Office Industry Department, where his responsibilities included
inward investment into Scotland and associated extensive involvement with
potential inward investors from the Far East and the Pacific basin.

Mr Mackay has a beneficial interest in 2,139 ordinary shares of the Company.



                                                         Baillie Gifford & Co.

                                                      Managers and Secretaries

                                                                  27 June 2001